"To state the obvious, there is substantial turmoil with WallStreet banks now," he tells GlobeSt.com, and calm is unlikely toprevail until the economy and credit markets reach someequilibrium. Layoffs are one byproduct of the uncertainty among theinvestment banks; another is an inability to finance deals, atleast in the short run, he says. Hughes spoke with GlobeSt.comabout the economy, the recent interest rate cuts by the FederalReserve and how all of this will affect commercial real estatefinancing.
GlobeSt.com: What are your thoughts on the recentinterest rate cuts by the Federal Reserve Board?(http://www.globest.com/news/1078_1078/washington/167653-1.html)
Hughes: [Federal Reserve chairman Ben] Bernankecutting rates – especially the discount rate – will be a big helpin bringing the economy to a more positive level.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
